General


Generally, a tract of land and its improvements are appraised together and assigned a single value. Texas appraisal districts, however, are permitted to divide a tract and its improvements into separate components, each with its own tax account number, and appraise them individually.

The Texas Supreme Court held as a matter of law that appraisals of individual accounts may be challenged as unequal. The District argued that the “property” referred to in the statutory provisions authorizing appeal from property tax valuations is not the property in the separate tax accounts but rather the entire refinery. The Supreme Court rejected this argument, agreeing with Valero that nothing in the applicable statutory provisions requires a taxpayer to challenge all the appraisal accounts used to appraise its property. On the contrary, the Tax Code defines property as “any matter or thing capable of private ownership.” Each part of Valero’s refinery covered by a tax account was property within the meaning of the Tax Code. Accordingly, the District Court had jurisdiction of Valero’s appeal. The Court reasoned that because the District had the discretion to appraise Valero’s property by assigning it to various tax accounts, it could not argue that Valero’s challenge to the appraised value of some of those accounts was somehow deficient.

Florida preliminary real property and tangible business personal property are now available for your review. In the last couple of years, Florida property appraisers have made reductions in valuations during their annual review process. You should have your assessments reviewed regardless to ensure the reductions made are in line with fair market value. There is no cost for this service.

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

Contact us for a no-cost/no-obligation review of your real and personal property assessments. Silver Oak Advisors does not utilize staff in these areas. These no-cost/no-obligation reviews are handled by our Directors. We believe you deserve 40 years of Big 4 and industry experience in Complex and Industrial properties and a history of results.

We are working Directors allowing us to provide a higher level of service at a cost effective rate, passing on the savings to you. Contact us for more information.

Manufacturing taxpayers currently under a Fee-In-Lieu Tax Agreement (FILOT) may be making excessive FILOT payments.  This is due to either (1) The taxpayer is not taking advantage of all of the benefits entitled under the FILOT or may be making erroneous payments, or (more…)

If you have not made arrangements to attend, register below:
https://www.ipt.org/IPT/Programs/IPT_Annual_Conference/IPT/Programs/IPT_s_Annual_Conference.aspx

Glenn Williams of our group will be speaking on “Selling the Obsolescence Argument”.
“Selling the Obsolescence Argument” addresses the knowledge and skills necessary to persuade the opposing party that the current assessment exceeds market value. And this is an issue that has many moving parts. Aside from the most obvious – that being a simple disagreement as to fair market value, the politics and human element also play a vital role in the negotiation process. And often, the political element plays the more significant role in determining the assessed value.

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

Contact us for a no-cost/no-obligation review of your real and personal property assessments. Silver Oak Advisors does not utilize staff in these areas. These no-cost/no-obligation reviews are handled by our Directors. We believe you deserve 40 years of Big 4 and industry experience in Complex and Industrial properties and a history of results.

In most States, returns have been filed for the current tax year listing assets in which the filer of the return has reporting responsibility for the assets in their control. The assets reported are generally based upon the fixed asset schedules of the business. Often, these tax forms are prepared without significant analysis of their proper property tax asset classifications since the fixed asset schedule has been reconciled to financial reports, income tax filings, or other schedules. Your business could benefit from a careful analysis of the assets being recorded in these annual reports. Many of these reviews have led to these results.

An important consideration is the value of the assets that are subject to the personal property tax. Many times an asset can be quickly, or even immediately, expensed for income tax purposes. This is not the same for personal property taxes. Usually assets are depreciated slower and over a longer timeframe when calculating the current value for property tax assessments. Additionally, the assets often have a minimum value for a property tax assessment (never zero). For example, Maryland uses a minimum assessment of 10% of the original cost for computers. Therefore, the 30-year old IBM 386 computer your business purchased for $1,000 is still being taxed at a $100 value in Maryland, even though it has no true value other than as a large door stop.

Due to minimum assessments, we recommend periodically reviewing your fixed asset ledger and removing old assets that have been previously disposed but continue to be reported on personal property tax renditions. Any previously disposed property that is still reported on these filings will cost you unnecessary personal property taxes each year. Likewise, if you still own property no longer in use that is collecting dust; you should consider disposing of it to reduce your taxable property base.

The classification of assets on the property tax forms is also important since different types of assets are subject to different rates of property tax. Additionally, many taxing jurisdictions exempt certain types of personal property from taxation. For example, Virginia exempts computer application software from the local personal property tax. As part of your review, make certain the assets are reported in the correct categories when reporting your taxable property base. In many States, amended returns for corrections based on classification errors can allow for refunds for up to the prior 2 years.

Between the time your returns are filed and the assessment notices are released are the best time to address possible valuation issues with the jurisdiction appraiser’s office. Millage rates are often set after final values are determined for assessment use. Jurisdiction appraisers have the most latitude to work with you on these issues as well as obsolescence that may exist during this time versus waiting and filing appeals. If there has been a major change in filing methodology, we recommend meeting face-to-face with the jurisdiction appraisers in order to explain the change and gain their understanding and approval.

Silver Oak Advisors is a full-service compliance and consulting property tax service provider. Take this time to contact us regarding your future. As a potential service provider, we want to compete for your business and be involved in future RFP’s.

Complete the form found at the below link and email or fax to us.

ASSESSMENT and PORTFOLIO REVIEW FORM

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak was formed to provide taxpayers in need of State and Local Tax (SALT) assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

Contact us for a no-cost/no-obligation feasibility review of your real and personal property assessments. Silver Oak Advisors does not utilize staff in these areas. These no-cost/no-obligation reviews are handled by our Directors. We believe you deserve 40 years of Big 4 and industry experience in complex and industrial properties and a history of results.

 

Dearly beloved, we are gathered here to say farewell to a dear old friend, Windows XP. Born October 25, 2001, this operating system was a reliable computing friend through the dawn of the Internet revolution. She introduced us to "the blue screen of death," but overall lived a happy and productive life. XP outlived her troublesome brothers, Windows ME and Windows Vista, and is survived by Windows 7 and 8.

April 8, 2014, officially signifies the end of life for Windows XP. Launched in 2001, predating 9/11, Windows XP instantly became a huge hit, unable to be toppled later by Windows Vista (by most) and even Windows 7 and 8 (by many). The operating system was still being installed on some new computers as recently as 2010.

An Urgent Security Warning For Any Business Still Running Windows XP

If your organization is currently running Windows XP on one or more computers in your office (29% of all PC operating systems were Windows XP as of the beginning of this year), you need to be aware that you are exposing your computer network to a dangerous security threat that must be addressed immediately.

With the retirement of Windows XP as of April 8th, no further security updates, patches or system updates will be released to protect you from viruses, malware, spyware, crashes or theft of personal information. That means your computer network could very soon be completely exposed to serious hacker attacks aimed at taking control of your network, stealing data, crashing your system and inflicting a host of other business-crippling problems you do NOT want to deal with. If you have even one XP computer on your network, then you are at risk!

If you still have any Windows XP PCs in your office, you need to replace these computers immediately!

The Investment Real Estate Research Blog

December 19, 2013

  • Reiterating the positive economic news of recent weeks, the Fed announced plans to taper its quantitative easing (QE) program in January. This will be the central bank’s first step toward withdrawing its unprecedented support for the U.S. economy. The token reduction in bond and securities purchases follows a series of positive reports suggesting the economy is better positioned to mount a self-sustaining recovery. Third quarter GDP growth significantly exceeded expectations, job gains have surprised to the upside, retail sales have been solid and the housing market appears to be on solid footing. In addition, an impending budget deal will offer fiscal stability for the coming two years, removing risks of another government shutdown and additional sequestration. More importantly, the budget deal will eliminate some of the brinkmanship that heightened uncertainty and stymied economic performance. While the taper will likely lead to modestly higher interest rates, the Fed’s…

View original post 534 more words

Next Page »